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In Remembrance


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1.75B drain.

 

Temporary Open Market Operations: 01/28/2003

Maturity Date: 2/6/03

Delivery Date: 1/28/03

The Desk has entered the market announcing: 9 day RP

Temporary Operations Statistics:

Treasury Collateral Operation Agency Collateral Operation Mortgage-Backed Collateral Operation

Weighted Average Rate

1.255 1.282 1.300

Stop Out Rate (Lowest Rate Accepted) 1.250 1.280 1.300

Highest Rate Submitted 1.270 1.290 1.300

Lowest Rate Submitted 1.200 1.240 1.220

Total Propostions Submitted (In $Bil.) 27.700 20.650 12.450

Total Propositions Accepted (In $Bil.) 3.008 1.242 0.750

 

Total Money Value of Operation (In $Bil.) 5

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SG chimes

 

This kind of shucking and jiving with the indices is symptomatic of a 3rd wave that is about to hit with force and thunder.

 

SG does not make these statements lightly people. If you are not short now, may I advise you do so asap.

 

I expect following the speech to see the downtrend resume itself with force.

 

If you think the market is going to rally because of or after the speech, then you are smoking a crack pipe, IMHO....

 

This is a gift, before the shoulder is kissed goodbye....

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